StockMarketWire.com - Andrew Sykes Group has reported that during the first half of 2014 the group faced a number of challenges which had a detrimental impact on its trading in the first half of the year.

Overall, the group's revenue for the six months ended 30 June 2014 was £26.8m, a decrease of £3m compared with the same period last year.

As a consequence operating profit fell by £2.1m from £6.4m in the first half of 2013 to £4.3m for the six months to the end of June.

Despite this it says the group continues to be profitable and cash generative and that management is working to safeguard the operational structure of the business.

Cash spent on new plant and equipment, primarily hire fleet assets, amounted to £1.3m and a further £0.4m from stock was also added to the hire fleet.

The company says it is maintaining its policy of pursuing organic growth within our market sectors. A new depot in Paris has been opened.

At 8:57am: [LON:ASY] Andrews Sykes Group PLC share price was -105p at 272.5p



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